Halftime—Pro Traders: What's the Next Stop for Oil?

With crude oil breaking out above $86 a barrel Thursday — the highest level in six months — what's its next stop?

Rich Ilczyszyn, senior market strategist at Lind-Waldlock, expects oil to make another big move by year's end. Ilczyszyn gave several reasons for his bullish stance on oil, including the fact that OPEC is expanding growth into emerging markets, China adding to strategic reserves and a weak US dollar for the foreseeable future.

Across the board, commodities have made moves to the upside while energy has lagged, Ilczyszyn explained. But with Republicans now the majority in the US House of Representatives, he thinks oil will go higher because the GOP has historically been "friendly" towards oil.

Ilczyszyn recommends taking some profits in other commodities and investing in energy.

On the other hand, Veracruz founder Steve Cortes remains bearish oil. Speaking on Wednesday's "Fast Money Halftime Report," he said he's watching it's gains and said his market tell is whether it can hold. Should oil get and stay above $85 a barrel, he would remove his shorts. But so far, oil stuggled to do so.

Cortes thinks the all commodities look weak, including copper. He expects them to fall and thinks there are at an inflection point. But if they continue to climb higher, he'll take off his shorts.

---UNDER THE RADAR

Options trader Jon Najarian spotted an "under the radar" mover you may not have noticed Thursday: Lumber Liquidators.

Since September, this stock has ran up more than 30 percent, said Najarian, co-founder of optionMONSTER.com. It was trading at $20 a share, shot up to $27 and has now come back down. The stock has put in a floor, which says a lot about the anticipation of recovery and housing and that it might not be there.

On the other hand, shares of United Rentals popped Wednesday. The Greenwich, Conn.-based company has seen "very strong" activity in rentals of building equipment for homesites and the like, Najarian said. He thinks that activity is a good read on how the housing recovery is going.

From a technical standpoint, Guy Adami of Drakon Capital likes Home Depot . He thinks the stock could push up to $34.

Although the technology company has had a "great quarter" with "nice guidance," Adami worries the stock may be ahead of itself. He loves the story overall, but expects a pullback.

Meanwhile, shares of Apple hit a new all-time high Wednesday by pushing above $320 a share. If the market continues to push higher, Najarian would consider getting long Apple because he said it has a few new products coming down the pipeline.

Manny Medina, CEO of Terremark Worldwide , appeared on the "Halftime Report" to talk with CNBC's Melissa Lee about opportunities in cloud computing. The executive said the "cloud evolution" has only begun and shared his outlook in detail. Watch the video to see the full conversation.

Two catalysts are out of the market, said Steve Grasso of Stuart Frankel. That being the elections and Fed meeting. Therefore, he remains a seller.

The more the extension of the Bush tax cuts are discussed, the more the market could push higher, said Najarian.

Adami said 1,219.80 in the S&P could the level of strong resistance.

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